The Due Diligence Project™

All posts by paul

004: The Benefits of Working with a Virtual Family Office – John Power

John Power is a CPA, Certified Tax Strategist, and President of Power Virtual Family Office. John serves ultra-high-net-worth clients around the country, delivering amazing benefits to them. He works mainly with the owners of closely held businesses. 

What you will learn from this episode:
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  • ​How John’s firm was able to increase a client’s tax savings to $800,000 by using due diligence in research about IC-DISC
  • How John’s focus on tax planning, versus just compliance, brings big benefits to his clients
  • How John’s over 35 years of experience adds great value because of his increased understanding about how to mitigate taxes
  • How by narrowing the focus of some services it allows John adequate time to be more proactive with his top clients
  • How important it is to give clients a realistic idea of the pros and cons of any plan
Connect with John Powers at:
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LinkedIn
Website

Learn more about The Due Diligence Project™ at:
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Website

003: What Running A Highly Successful Virtual Family Office Looks Like – Bill Shenkin

Bill Shenkin is a CPAand CEO and President of CeFO, Inc, providing family office services for high net worth individuals. His office is located near Denver, CO. CeFO provides chief financial officer services including strategic business review and planning, regular financial review, equity and debt financing, buy/sell negotiations, and tax services. CeFO stands for Consulting Excellence for Organizations and Family Office.  

He is also the founder and chairman of Fit for Life, Inc., which helps those with brain dysfunctions.  

Bill’s business has specialized in health clubs, real estate, professional sports, political accounting, oil and gas, multi-family office practice, music industry, and many others.  

What you will learn from this episode:

  • ​​How Bill took what was normally a service for billionaires, and customized it to work for those with 50 million and more  
  • How one of the key benefits of a family office for a wealthy family or business owner is to only have to contact 1 person for their financial needs
  • How his firm provides due diligence for clients about financial needs as well as investments to assure viability
  • How being a part of the VFO Hub (Virtual Family Office) network is a big benefit to his firm
  • How he founded Fit for Life, Inc., which is involved with helping those with mental health disorders
  • What an opportunity zone fund is
Connect with Bill Shenkin at:
LinkedIn
Website

002: The Benefits of Setting Up A Captive Insurance Company – Wesley Sierk

Wesley Sierk is the President and Lead Strategist for Risk Management Advisors, Inc, and a Board Member of The Due Diligence Project™.

Wesley is an expert in captive insurance design, implementation and management. He is a frequent speaker to industry associations as well as law and CPA firms on asset protection and how ordinary businesses can escape the hard/soft market of insurance by creating their own closely-held insurance companies.

He is the author of Taken Captive: The secret to capturing your piece of America’s multi-million dollar insurance industry. 

In this interview we discuss:

  • What is a captive insurance company?
  • Why form a captive?
  • What are the risks associated with forming and operating a captive?
  • How Warren Buffet rates owning insurance companies amongst his other investments.
  • How Wesley’s clients’ range from boat builders, to energy drink companies, to a collection of 14 high end plastic surgeons, to a variety of manufacturing companies.
  • How all of his captive clients are doing a minimum of $10 million dollars of revenue, an average of $50 million, and even a couple of clients in excess of $1billion in revenue.
  • The reason why traditional health insurance companies are not run as efficiently as the could be, and how setting up a captive insurance company can change this.
Connect with Wesley Sierk at:
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LinkedIn

Website

001: The CPA Firm Of The Future – Richard Muscio

Richard Muscio is a CPA thought leader, bestselling author, motivational speaker, collaboration expert, community leader, radio talk show host and filmmaker.

Known as “the mayor of San Diego,” Richard runs a Virtual Family Office and MultiFamily Office serving ultra high net worth and billionaire families in San Diego. 

In his over 30 years experience as a CPA, Richard has developed a specialty in estate/gift/trust matters and helping wealthy families understand their complex finances. He also consults CPA firms desiring to improve the value of services offered to wealthy clients and successful businesses.

In his role as The Family Office Guy, Richard serves as “of counsel” to six Family Offices. He blogs as The Family Office Guy at www.iymoney.com, and hosts an award-winning weekly radio show on 760 AM KFMB in San Diego from 7-8 PM Saturday evening which broadcasts from the historic La Valencia Hotel.

Key Questions We Asked:

  • Tell us about what you do inside your family office and how you got started.
  • What is the biggest challenge your ultra high net worth clients typically face?
  • What is the biggest fear for extremely wealthy families?
  • What is your role in helping your clients achieve significance?
  • What is the value of the resources in The Due Diligence Project™ and Virtual Family Office Hub™?
  • How does a CPA transition from a model with over 1000 clients to one that focuses on their very best clients?
Connect with Richard Muscio at:
LinkedIn 
Website
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